Modern Channels For Non-Life Insurance Marketing In Asia

Over the past decade, many new and revolutionary programs have evolved for marketing Insurance goods across the world apart from the usual practice of selling through Insurance brokers and India is not any exception. As a matter of truth, there are three major channels of Insurance marketing, particularly Direct channels (Agents, telesales etc.), Indirect channels (bundled with product, bundled with other financial companies) and Partner channels (Bancassurance, corporates etc.) Partner channels like Bancassurance is a extremely popular practice in Latin American and Countries in europe where almost 70-80% of their total Insurance firms are being produced by most of these channels. In India also there has been a good inclination towards the alternate programs of insurance marketing followed by the other places in the world which may bring a remarkable progress in metropolitan Insurance market in the country.Indian insurance business is certainly going via a great boom today with more and more foreign insurance corporations tying up with Indian banks to sell insurance in the united states. The private insurance companies are providing a difficult fight to the public-sector companies like GIC and LIC (having its four subsidiaries). Personal Companies are developing more and more impressive channels to enter the market and public-sector firms are losing their growth in market share. Although in terms of item innovativeness, public sector companies are not lagging behind, however the escalation in the market share of these companies are not at par with the whole industry's market share.One of the possible options for new marketing channel for the public sector insurance companies might be, is always to have a Partnership with public sector telecom companies like Bharat Sanchar Nigam Limited (BSNL) to sell their non-low cost policies, where the rates are low and could be clubbed with the accommodations of the telephone charges. An example is given below:A private Mediclaim plan of 50,000 in National insurance company alongside support duty of 12.24% will cost around Rs. 800 and a rental of the cell phone may be taken as Rs. 399/month. Now, if this can be obtained in four regular quality, then the consumer has to spend an excess quantity of Rs. 200 during any four months of the year and the sum total phone statement during those months might be Rs. 599, which an individual would not mind to pay understanding that she or he is covered with a medical insurance policy of Rs. 50,000.If we place our eye balls across the the styles of Indian insurance market, it becomes very transparent that a lot of of the firms are attempting to control the equity of their already established companies to the newest insurance company, for example Bharti-AXA, Bajaj-Allianz, Reliance, TATA-AIG etc. are doing nothing but, benefiting their money form their individual parent organization to the new insurance business.Similarly, the banks like ICICI, HDFC, SBI are also attempting to use their established reliability from banking in to insurance.Public field telecom firms like BSNL, MTNL and so forth. Are receiving the largest customer base in the region, also in the rural market and its a known fact that the rural people save one third of their money on a typical, regardless of their making level.So a partnership could possibly put both the functions in a win-win situation in the business.